According to a new market report published by Credence Research “Biodegradable Food Packaging Market – Growth, Future Prospects, Competitive Analysis, and Forecast 2016 – 2023,” the biodegradable food packaging market has been estimated to be valued at US$ 3,403.4 Mn by the end of 2016, and is expected to reach US$ 7,058.8 Mn by 2023, expanding at a CAGR of 11.0% from 2016 to 2023.

Biodegradable products are naturally split by biological agents such as fungi and bacteria into raw materials. These are generally those products that can be rotten by microbes and other biological processes which are natural. Biodegradable goods include those that comprises of paper, food waste, fabric and wood. Biodegradable packaging is generally defined as a means of giving a naturally degradable protection utilized majorly for information, identification, presentation, and convenience for products from production to utilization. The biodegradable food packaging is different from non-biodegradable packaging as former degrades completely and quickly when decomposed without any poisonous emission. The sector of biodegradable packaging is a small segment and is at nascent stage when compared to overall packaging industry of the globe. However, recent advancement and change in techniques has upliftment the global biodegradable food packaging market. Moreover, increasing consumer awareness related to utilization of biodegradable food based products is anticipated to intensify the growth of the biodegradable food packaging market till 2023.

Rising robust environmental concerns all over the world due to increase in pollution along with higher consumer preferences for biodegradable material based products is anticipated to foster the growth of biodegradable food packaging market over the forecast period. Apart from this, advanced production process and innovation in technology adopted by biodegradable food packaging manufacturers is expected to spur the growth of overall biodegradable food packaging market during the period 2016-2026.

Competitive Insights:

Biodegradable food packaging market is segmented on the basis of material type such as plastic, paper, aluminum, steel and others. In 2015, plastics segment contributed the highest revenue share of the total biodegradable food packaging market. The paper based biodegradable food packaging is anticipated to expand at a robust CAGR till 2023. The global biodegradable food packaging market is further bifurcated by application which includes dairy & beverages, vegetables, fruits, meat and related products and others. Dairy & beverages segment marked the highest revenue share in biodegradable food packaging market in 2015. Rising awareness towards sustainable and affordable packaging solutions as well as change in mindset of people i.e. preferences for recycled based products instead of synthetic one is anticipated to expand the growth of fruit & vegetable and meat and related products segment during the forecast period.